SAN DIEGO, April 18, 2018 /PRNewswire/ -- Medical Marijuana, Inc. (OTC PINK: MJNA), the first-ever publicly traded cannabiscompany in the United States, today announced financial results for the quarter and year ending December 31, 2017 and provided an overview of recent operational highlights.
Additionally, Medical Marijuana, Inc. subsidiary Kannaway® experienced significant growth with 2017 revenue of $15.9 million, an increase of nearly 270% over 2016.
"2017 was a historic year for cannabis legalization across the United States and the world and Medical Marijuana Inc. is proud to be on the forefront of groundbreaking industry lines," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "It is clear that the botanical and pharmaceutical side of cannabis is here to stay, which strengthens our belief in our long-term plans to continue to build shareholder value."
Titus continued, "Medical Marijuana, Inc. and its subsidiaries experienced substantial growth in 2017, breaking record after record in sales achievements. Our leadership teams have expanded greatly including international growth in Europe, Brazil, and Mexico. We feel that we are in a great position for even more growth in 2018."
Fourth Quarter and 2017 Highlights
During 2017, Medical Marijuana, Inc. and its subsidiaries achieved the following milestones and significant events:
Medical Marijuana, Inc.'s wholly-owned subsidiary HempMeds® is the portfolio's predominate consumer brand and saw a year of massive expansion and continued growth for its line of cannabidiol (CBD) hemp oil products, including the following:
Medical Marijuana, Inc.'s wholly owned subsidiary Kannaway® is the Company's premier lifestyle marketing brand and is the fastest-growing company in the direct-selling cannabis space with an exponential growth outlook for the future. 2017 revenue increased by nearly 270% year over year. In addition to the substantial increase in revenue, Kannaway® achieved the following milestones:
Medical Marijuana, Inc. subsidiary Kannaway® is the fastest-growing company in the direct-selling cannabis space with an exponential growth outlook for the future.
INDUSTRY HIGHLIGHTSMedical Marijuana, Inc. was pleased to see legislative reform in the past year in the cannabis industry. Some of these highlights include:
FOURTH QUARTER AND YEAR-END 2016 FINANCIAL RESULTS
Annual Revenue: For the year ending December 31, 2016, Medical Marijuana, Inc. reported revenue of $26.5 million from sales of the Company's products, as compared to revenue of $8.0 million for the year that ended December 31, 2016.
Quarterly Revenue: Revenue increased each and every quarter in 2017. Q1 Revenue: $3.6 millionQ2 Revenue: $5.7 millionQ3 Revenue: $7.8 millionQ4 Revenue: $9.4 million
Record Q4 2017 Sales of $9,423,761 an increase of 269% compared to Q4 2016
Record Q4 2017 Gross Profit of $6,733,645 an increase of 386% compared to Q4 2016
About Medical Marijuana, Inc.
We are a company of firsts®. Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally-friendly, economically sustainable businesses, while increasing shareholder value. For details on Medical Marijuana, Inc.'s portfolio and investment companies, visit www.medicalmarijuanainc.com.
To see Medical Marijuana, Inc.'s corporate video, click here.
Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.'s shop.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease.
LEGAL DISCLOSUREMedical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). These companies do grow, sell, and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.
CONTACT:Public Relations Contact:Andrew HardChief Executive Officer CMW MediaP. firstname.lastname@example.org
View original content:http://www.prnewswire.com/news-releases/medical-marijuana-inc-reports-fourth-quarter-and-year-end-2017-financial-results-and-operational-highlights--annual-revenue-increased-230-over-2016-300632024.html
SOURCE Medical Marijuana, Inc.
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